EX-99.1 4 exhibit99_1.htm SELECTED FINANCIAL DATA
Item 6.                Selected Financial Data.

The selected financial data should be read in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and our historical consolidated financial statements and the related notes included elsewhere herein.  Our historical statement of operations data and balance sheet data as of and for each of the years in the five-year period ended December 31, 2012 have been derived from our audited financial statements.
 
 
For the Years Ended December 31,
  
 
2012
    
2011
    
2010
    
2009
    
2008
  
                   
Fiscal Year ended December 31,
(in thousands, except per share and other operating data)
                    
Total revenue
  
$
2,768,738
    
$
2,456,483
    
$
2,278,920
    
$
2,098,605
    
$
1,997,975
  
Facility operating expense
    
1,630,919
      
1,508,571
      
1,437,930
      
1,302,277
      
1,261,581
  
General and administrative expense
    
178,829
      
148,327
      
131,709
      
134,864
      
140,919
  
Facility lease expense
    
284,025
      
274,858
      
270,905
      
272,096
      
269,469
  
Depreciation and amortization
    
252,281
      
268,506
      
292,341
      
271,935
      
276,202
  
(Gain) loss on facility lease termination
    
(11,584
)
    
―
      
4,608
      
―
      
―
  
(Gain) loss on sale of communities, net
    
―
      
―
      
(3,298
)
    
2,043
      
―
  
Loss (gain) on acquisition
    
636
      
(1,982
)
    
―
      
―
      
―
  
Goodwill and asset impairment
    
27,677
      
16,892
      
13,075
      
10,073
      
220,026
  
Costs incurred on behalf  of managed communities
    
325,016
      
152,566
      
67,271
      
77,206
      
73,250
  
Total operating expense
    
2,687,799
      
2,367,738
      
2,214,541
      
2,070,494
      
2,241,447
  
Income (loss) from operations
    
80,939
      
88,745
      
64,379
      
28,111
      
(243,472
)
Interest income
    
4,012
      
3,538
      
2,238
      
2,354
      
7,618
  
Interest expense:
                                        
Debt
    
(128,338
)
    
(124,873
)
    
(132,641
)
    
(128,869
)
    
(147,389
)
Amortization of deferred financing costs and debt discount
    
(18,081
)
    
(13,427
)
    
(8,963
)
    
(9,505
)
    
(9,707
)
Change in fair value of derivatives and amortization
    
(364
)
    
(3,878
)
    
(4,118
)
    
3,765
      
(68,146
)
Loss on extinguishment of debt, net
    
(221
)
    
(18,863
)
    
(1,557
)
    
(1,292
)
    
(3,052
)
Equity in (loss) earnings of unconsolidated ventures
    
(3,488
)
    
1,432
      
168
      
440
      
(861
)
Other non-operating income (expense)
    
593
      
56
      
(1,454
)
    
4,146
      
1,708
  
Loss before income taxes
    
(64,948
)
    
(67,270
)
    
(81,948
)
    
(100,850
)
    
(463,301
)
(Provision) benefit for income taxes
    
(1,519
)
    
(1,780
)
    
32,062
      
33,577
      
88,029
  
Net loss
  
$
(66,467
)
  
$
(69,050
)
  
$
(49,886
)
  
$
(67,273
)
  
$
(375,272
)
 
                                        
Basic and diluted net loss per share
  
$
(0.54
)
  
$
(0.57
)
  
$
(0.42
)
  
$
(0.60
)
  
$
(3.69
)
Weighted average shares of common stock used in computing basic and diluted loss per share
    
121,991
      
121,161
      
120,010
      
111,288
      
101,667
  
Dividends declared per share of common stock
  
$
―
    
$
―
    
$
―
    
$
―
    
$
0.75
  
 
                                        
Other Operating Data:
                                        
Total number of communities (at end of period)
    
647
      
647
      
559
      
565
      
548
  
Total units operated(1)
                                        
Period end
    
65,936
      
66,183
      
50,521
      
51,021
      
49,145
  
Weighted average
    
66,102
      
55,548
      
50,870
      
49,536
      
49,165
  
Owned/leased communities occupancy rate (weighted average)
    
88.0
%
    
87.3
%
    
87.1
%
    
86.5
%
    
87.6
%
Senior Housing average monthly revenue per unit(2)
  
$
4,271
    
$
4,193
    
$
4,053
    
$
3,946
    
$
3,823
  

1
 
 
 
As of December 31,
  
 
2012
    
2011
    
2010
    
2009
    
2008
  
(in thousands)
                    
Cash and cash equivalents
  
$
69,240
    
$
30,836
    
$
81,827
    
$
66,370
    
$
53,973
  
Total assets
  
$
4,665,978
    
$
4,466,061
    
$
4,530,470
    
$
4,649,879
    
$
4,449,258
  
Total debt
  
$
2,679,369
    
$
2,463,625
    
$
2,570,296
    
$
2,625,526
    
$
2,552,929
  
Total stockholders' equity
  
$
996,986
    
$
1,035,299
    
$
1,055,963
    
$
1,083,533
    
$
958,570
  



(1)
Period end units operated excludes equity homes.  Weighted average units operated represents the average units operated during the period, excluding equity homes.
(2)
Senior Housing average monthly revenue per unit represents the average of the total monthly resident fee revenues, excluding amortization of entrance fees and ISC segment revenue, divided by average occupied units.
2